Intent Project

• Ethereum’s open interest in perpetual futures just reached a new 4-week high.
• ETH is currently within a resistance zone that has prevailed since November and there was a return of significant sell pressure at this range during Thursday’s trading session.
• Leverage liquidations suggest low appeal for leveraged long positions at the current price level, while sending addresses have increased notably since 14 February.

Ethereum Open Interest Reaches New High

Ethereum’s native cryptocurrency ETH achieved a new YTD high during Thursday’s (16 February) bull run. However, it has since pulled back, confirming that the bulls are battling strong resistance. According to the latest Glassnode alerts, ETH’s open interest in perpetual futures just reached a new 4-week high. The last time that the same metric soared to its current highs was in November last year.

Resistance Level Remains Strong

ETH is currently within a resistance zone that has prevailed since November and there was a return of significant sell pressure at this range during Thursday’s trading session. A comparison between ETH sending and receiving addresses offers some perspective; sending addresses have increased notably since 14 February while receiving addresses have slowed down and dropped during the same time period. This may suggest that investors anticipate more uncertainty and perhaps another pullback at the current price range, hence the shift from leveraged long positions.

Leverage Liquidations Indicate Low Appeal for Long Positions

The level of leverage liquidations reveals low appeal for leveraged long positions at the current price level despite slight pullback during the last 24 hours. This may indicate that investors anticipate more uncertainty which could result in another pullback at this range.

Whales Holding On To Their Bags

Profit-taking in the futures market was observed but whales are holding on to their bags which suggests they expect further appreciation despite facing strong resistance levels. This may be due to their expectation of positive future developments such as possible institutional investment or adoption of ETH as currency by large companies such as Tesla or Microsoft Corporation etcetera which could propel prices higher in coming months ahead..

Conclusion

It appears that Ethereum open interest in perpetual futures is pointing toward an uncertain trend with profit taking occurring on one side while investors holding onto their bags on other side anticipating further upside potentials for ETH prices over long term horizon if certain conditions are met such as large institutional investments or mass adoption by large companies like Tesla Incorporation etcetera .